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Shares hit 40-month high due to brokerages
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SHANGHAI stocks yesterday rose for a fifth straight trading day to a 40-month high, led by brokerages which were lifted by beneficial news.
The Shanghai Composite Index gained 1.43 percent to 2,604.35 points.
The China Securities Regulatory Commission has allowed another 10 brokerages to offer Internet-based securities service on a trial basis, according to the Securities Association of China. Since the initiative started in April, 24 brokerages have been allowed to provide online consultancy services and fund management for investors.
Sinolink Securities said the interest rate cut announced by the central bank last Friday will benefit brokerages by increasing liquidity and trading volume.
Meanwhile, recent initial public offerings have generated considerable fee income for the brokerages.
Huatai Securities on Tuesday unveiled its plan to sell shares in Hong Kong, which also fueled a rally for brokerages. Its shares rose by the daily limit of 10 percent to 13.93 yuan (US$2.27). Everbright Securities jumped 9.99 percent to 17.06 yuan and Industrial Securities gained 9.85 percent to 11.04 yuan.
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